Tamilnad Mercantile Bank IPO Subscribed 83% On 1st Day

The Tamilnad Mercantile Bank IPO of 1.58 crore equity shares are at a price range of ₹500-525 per share. Its IPO was subscribed 83% on the first day.

On Monday, 83% of the shares in Tamilnad Mercantile Bank’s first public offering (IPO) were subscribed.

According to information available with the NSE, the IPO got bids for 72,56,228 shares versus 87,12,000 shares on offer.

Also Read: Suzlon Share Price Hit 20% Upper Circuit

The retail individual investor (RII) quota was 1.53 times subscribed, compared to 73% for qualified institutional buyers (QIBs) and 58% for non-institutional investors.

Priced between 500 and 525 rupees per share, the initial public offering of 1.58 crore equity shares.

On Friday, anchor investors helped the private sector lender Tamilnad Mercantile Bank raise just over 363 crore. The topic will be resolved on September 7.

The bank anticipates raising 831.6 crore at the top of the price range through the IPO.

The Thoothukudi-based bank plans to use the issue’s proceeds to increase its Tier I capital base in order to satisfy future capital requirements.

Also Read: Zomato Share Price Hit A Record Low Of ₹46 (14% Drop). But Why?

It provides a broad variety of financial and banking services mainly to retail, agricultural, and MSME (micro, small, and medium enterprises) customers.

The managers of the offer are Axis Capital, Motilal Oswal Investment Advisors, and SBI Capital Markets.